ConocoPhillips, the largest U.S. independent oil and natural gas producer, forecast output will rise as much as 5 percent this year, led by domestic production.

Output will rise to 1.53 million barrels of oil equivalent a day this quarter, excluding Libya, the Houston-based company said today in a statement.

Fourth-quarter adjusted profit exceeded the average of 17 analysts’ estimates compiled by Bloomberg. Net income of $2.5 billion, or $2 a share, was up from $1.4 billion, or $1.16, a year earlier.

ConocoPhillips has been selling and spinning off assets to focus on oil and gas production. It reaped $7 billion from asset sales in the fourth quarter, including its Algerian business and stake in the Kashagan project in Kazakhstan.

The announcement was made before the start of regular trading on U.S. markets. ConocoPhillips fell 0.6 percent to $65.82 yesterday in New York. The stock is down 6.8 percent this year.